Discover® Bank gets high marks from us for many reasons. First, its interest yield is among the highest in the industry. In addition to this, Discover also charges very little in the way of fees. There are no fees for insufficient balances, no monthly maintenance fees, official bank checks are free (even when expedited), and there is no minimum deposit to open an account. Additionally, with its First Fee Forgiveness program, Discover will waive the first penalty charged to the customer's account each calendar year. These could include insufficient funds fee, stop payment fee, or excessive withdrawal fee.

Discover has no brick-and-mortar branches. In order to withdraw money from your Discover savings account you must either initiate an online transfer to a linked Discover checking account (then have access to over 60,000 no-fee ATMs across the country), make a domestic or international wire transfer (for which a fee will apply), or request an official bank check. The company does, however, make depositing money very easy with mobile check deposit, direct deposits, and transfers from other banks and/or Discover accounts. This might incentivize customers to deposit more and withdraw less from savings.

Overall, with its solid reputation among its customers, high APY, lack of excessive fees, and ease of use, Discover continues to be an excellent choice for a savings account.